POST UTME BSU 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm wants to maximize its revenue, what is the optimal price?
Question 2
The concept of scarcity in economics implies that the wants and needs of individuals are unlimited, but the resources available to satisfy these wants and needs are limited. Which of the following best describes the opportunity \cost of a choice?
Question 3
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's techno\logy is such that L = 4K, find the value of K that maximizes output.
Question 4
A firm's demand curve is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply curve is given by Qs = 2P - 50. Find the equilibrium price and quantity.
Question 5
A consumer's indifference curve is downward sloping. What is the implication of this for the consumer's utility function?
Question 6
A consumer's utility function is given by ( U(x,y) = 2x + 3y ), where ( x ) and ( y ) are the quantities of two goods consumed. If the consumer's budget constraint is \( 2x + 3y = 12 \), find the value of ( x ) that maximizes the consumer's utility.
Question 7
A consumer's demand function for a good is given by ( Q(p) = 100 - 2p ), where ( p ) is the price of the good. If the consumer's income is \( I = 100 \), find the value of ( p ) at which the consumer's demand is maximized.
Question 8
A government imposes a tax of ₦10 per unit on a product. The demand for the product is given by Qd = 100 - 2P and the supply is given by Qs = 2P - 50. Find the new equilibrium price and quantity.
Question 9
A central bank increases the reserve requirement for commercial banks. What is the likely effect on the money supply?
Question 10
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing price and quantity.
Question 11
A country's GDP is given by GDP = C + I + G + \( X - M \). If the country's consumption is ₦500 billion, investment is ₦200 billion, government sp\ending is ₦300 billion, exports are ₦400 billion, and imports are ₦200 billion, find the country's GDP.
Question 12
A monopolist faces a demand curve given by Qd = 100 - 2P and a marginal revenue curve given by MR = 20 - 2Q. Find the price and quantity at which the monopolist maximizes profit.
Question 13
A country's supply function is given by Q = 2P + 50, where Q is quantity supplied and P is price. If the country's demand function is Q = 100 - 2P, what is the equilibrium price?
Question 14
A consumer's utility function is given by U(x, y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the optimal bundle of x and y.
Question 15
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the supply of the product is given by the equation Qs = 2P - 50, where Qs is the quantity supplied, find the equilibrium price and quantity.
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